PSX signs MoU with Qatar Financial Centre

[Dubious]

BUSINESS & ECONOMY

Parvez JabriMarch 18, 2019

KARACHI: The Pakistan Stock Exchange (PSX) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding (MoU) on the sidelines of inaugural Pakistan-Qatar Trade and Investment Conference in Doha for increasing collaboration. QFC is one of the world’s leading and fastest growing onshore business and financial centres.

A PSX press release here on Monday said the agreement would increase the two organizations’ collaboration in various initiatives, including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar, as well as exploring the possibility to establish an international financial centre in Karachi or another major city in Pakistan.

The signing ceremony was held in the presence of Advisor to the Prime Minister Imran Khan on Commerce, Textile, Industry and Production, and Investment, Abdul Razzaq Dawood and his Qatari counterpart Ali Bin Ahmed Al-Kuwari, Minister for Commerce and Industry, Chairman, Federal Board of Investment, Haroon Sharif; and leading businessmen from Pakistan and Qatar. Also present were PSX Managing Director, Richard Morin, Pakistan Stock Exchange, and Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority.

PSX Managing Director Richard Morin said the MoU would provide the framework to continue and formalise the very constructive discussions QFC and PSX have had in the past few months and lead to concrete collaboration initiatives.

“Collaboration between our two organisations will not only benefit our two countries’ respective financial sectors but will help facilitate and support bi-lateral investments in other sectors,” he said.

Chief Executive Officer, QFC Authority Yousuf Mohamed Al-Jaida showed confidence that this important MoU will facilitate an even greater level of cooperation between the two countries. Pakistan is one of the key markets targeted by QFC’s recently announced strategy, and an integral part of our new emerging belt initiative, and this agreement will further bolster our commitment to this vital market.

Pakistan Stock Exchange is an esteemed institution and is amongst one of the world’s greatest performing stock markets, which is an indicator of course of the incredible growth and opportunities that are abundant in Pakistan’s markets.

QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.

PSX is a publicly listed company that — with its affiliates, the National Clearing Company of Pakistan and the Central Depository Company- operates and develops Pakistan’s capital market. It lists and trades the securities of 546 companies, single stock and index futures as well as fixed income securities. PSX contributes to the economic development of Pakistan by providing a fair, transparent, and efficient marketplace to facilitate capital formation for the benefit of investors, issuers and all stakeholders.

https://www.brecorder.com/2019/03/18/481634/psx-signs-mou-with-qatar-financial-centre/

 

[valkyr_96]

The only initiative PSX need is EDGAR. This makes information transparent. I cannot stress its importance. This is not available even in EU and it becomes difficult to get hold or additional information and filing for a common investor.
https://www.sec.gov/edgar.shtml

 

[QasimTraveler]

The only initiative PSX need is EDGAR. This makes information transparent. I cannot stress its importance. This is not available even in EU and it becomes difficult to get hold or additional information and filing for a common investor.
https://www.sec.gov/edgar.shtml

For me this lost credibility back in 2017 when it was hacked. Anyways, other countries have this as well. If I recall major EU countries have it. Most filings are in public domain anyways so you can always find them in Pakistan as well.

 

[valkyr_96]

For me this lost credibility back in 2017 when it was hacked. Anyways, other countries have this as well. If I recall major EU countries have it. Most filings are in public domain anyways so you can always find them in Pakistan as well.

Pakistan does not have corporate filings like the def14a, current report 8k. It files "current report" through announcements. These are not filings but notices.Which are not properly indexed and are lumped summed as additional information. Furthermore, the data needs to be machine readable and exportable. Most pdf annual reports require extra effort to convert to numbers, some are scanned copies some are encrypted as well. So what if Edgar was hacked? It is a public data library that promotes transparency and works to ensure both big players and small players have the same information. You can procure similar filings in the UK only through third parties at a cost ( I am not talking about the mandatory reports) . Haven't seen or heard of similar information in EU markets which has even lower corp governance due to family businesses and bank based conglomerate structures. Obviously, everything is easier if you have the terminal.